Article: Licences - consumer credit Article Body If a business offers credit or lends money to consumers, or allows customers time to pay for goods and services, it must be licensed with the Consumer Credit Licensing Bureau of the Office of Fair Trading (OFT) under the Consumer Credit Act 1974. Eligibility The following types of business must be licensed with the Office of Fair Trading: Consumer credit Consumer hire Debt adjusting and debt counselling Debt collecting Credit reference agencies Canvassing credit off trade premises Procedure The Office of Fair Trading holds a public record of all licensed traders and of all those who have applied for a licence. They can provide details to the public about the licensed businesses, such as the type of activities they cover, their authorised trading names and main business address. Search the Consumer Credit Public Register Helplines Citizens Advice Consumer Service: 0845 4040506 Office of Fair Trading: 08457 2244 99 Charges/Fees Application or renewal of standard credit licence for sole trader £585 for 5 years Application or renewal for all other applicants £1225 for 5 years Please see the Office of Fair Trading website for up to date costs (see associated links). Opening times/locations 9am to 5pm Monday to Friday for general telephone enquiries on: 08457 224499 Email: enquiries@oft.gsi.gov.uk Consumer Credit Licensing, PO Box 62691, London, EC4P 4VW Legislation Consumer Credit Act 1974 Owner officer contact details Regulatory Services, PO Box 602, Barnsley, S70 9FB Phone: 01226 772468 Frequently Asked Questions How long will a licence last? Since 6 April 2008 most standard licences are issued on an indefinite basis, although the OFT have the power to revoke, suspend or vary the licence or impose requirements at any time. How many licenses do you need? If your business is made up of several different companies or partnerships, they must be separately licensed. However, one licence can cover any number of premises. What about multiple business names? If you trade under more than one name, they must all be specified in the licence. Make sure that none of the names are already in use. You can do this by checking the Consumer Credit Register. Can I make changes to my licence? You can change your trading names and categories by applying for a variation to your licence. An extra fee will be charged unless you are making a renewal. Do I need to inform you of any other changes? You must let the Office of Fair Trading know about any changes to your licence during its lifetime. There is no charge for updating the register with details such as new addresses and new or retiring partners or directors. Can a licence be transferred? No. You will need to apply for a new one if you change the structure of your business, for example, from a partnership to a company. What if I trade without a licence? Unlicensed trading is a criminal offence punishable by a fine, imprisonment or both. You must not trade before your licence has been granted, or carry out business activities under a category it does not cover. If you have traded while unlicensed, you may apply for an order for any agreements you have made to be treated in law as if you had been licensed - but you could still be prosecuted. Is there a register of consumer credit licences? Yes. Details of everyone who holds a licence, has applied for one, or had one revoked, suspended or varied, are available to the public in the Consumer Credit Public Register. Basic information can be given free of charge, such as when a licence started, the type of activities it covers, the authorised trading names and main business of the licence holder. Fees are payable for additional services. Related Links: Office of Fair Trading